1. Lower-of-Cost-or-Market Remmers Company manufactures desks. Most of the company's desks are standard models and are sold on the basis of catalog prices. At December 31, 2010, the following finished desks appear in the company's inventory. The 2010 catalog was in effect through November 2010 and the 2011 catalog is effective as of December 1, 2010. All catalog prices are net of the usual discounts. Generally, the company attempts to obtain a 20% gross margin on selling price and has usually been successful in doing so. At what amount should each of the four desks appear in the company's December 31, 2010, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-market approach for valuation of inventories on an individual-item basis?